Property Type

KLNB Retail Brokers $20M Sale of Shopping Center in Metro D.C.

by John Nelson May 16, 2016

CLINTON, MD. — KLNB Retail has brokered the $20 million sale of Clinton Plaza, a 210,000-square-foot shopping center located at 8899 Woodyard Road in Clinton, roughly 16 miles from Washington, D.C. The property is located approximately three miles south of Joint Base Andrews, the home of Andrews Air Force Base and Naval Air Facility Washington. Kmart occupies a 107,000-square-foot anchor space at Clinton Plaza, which features 10 inline restaurants and several pad sites leased to tenants such as Checkers and Popeyes Chicken. There is a vacant 43,000-square-foot junior anchor space and an additional 10,000 square feet of space available for lease. Andy Stape and Vito Lupo led KLNB Retail’s investment sales team in representing the seller, Columbia Regency Retail Partners LLC. The KLNB Retail team also procured the buyer, Clinton Investors LLC.

May 16, 2016

Georgia Multifamily Southeast

PointOne Holdings Sells Apartment Community in Metro Atlanta for $17.5M

by John Nelson May 16, 2016

MARIETTA, GA. — PointOne Holdings has sold Lakefront Vista Apartments, a 222-unit garden-style apartment community located at 880 S. Cobb Drive in Marietta, a northern suburb of Atlanta. PointOne purchased the asset in June 2013 for $10.9 million and sold the value-add property to an undisclosed buyer for $17.5 million. During its ownership, PointOne invested more than $700,000 to renovate the property and add amenities, resulting in occupancy increasing from 88 percent to more than 97 percent and rents increasing an average of $150 per unit. PointOne improved the property’s net operating income by 103 percent.

May 16, 2016

Restaurant Retail Texas

Vitorino Group Arranges Sale of Old Chicago Pizza in Fort Worth

by Haisten Willis May 16, 2016

FORT WORTH, TEXAS — The Vitorino Group, a commercial real estate investment sales firm in Dallas, has arranged the sale of an Old Chicago Pizza ground lease in Fort Worth. The property is located on a 2.3-acre outparcel to Presidio Towne Crossing, a 600,000-square-foot power center anchored by both a Super Target and Costco in north Fort Worth. The transaction consists of a 15-year ground lease term with rental increases and new construction.

May 16, 2016

Multifamily Texas

Mill Creek Begins Construction of Apartment Complex in East Dallas

by Haisten Willis May 16, 2016

DALLAS — Mill Creek Residential has begun construction on Modera Hall Street, a 340-unit apartment complex in east Dallas. Located on North Hall Street between Ross Avenue and North Central Expressway, the community will be located less than a mile from the Dallas Arts District and Downtown Dallas. Amenities will include an on-site dog park with owner’s lounge, pool with tanning ledge, fitness center, business center and a fifth-floor sky lounge with views of the Dallas skyline. Residents will enjoy 24-hour access to deliveries via an electronic package locker system and the use of Modera-branded bikes. Unit amenities will include quartz countertops, stainless steel appliances, tile backsplashes, wood-style floors and walk-in closets. Mill Creek will manage the community and is partnering with Boston-based GID on the project.

May 16, 2016

Restaurant Retail Texas

The Silver Group Negotiates Sale of Dairy Queen in Metro Dallas

by Haisten Willis May 16, 2016

BENBROOK, TEXAS — The Silver Group has negotiated the sale of a single tenant Dairy Queen restaurant located at 8636 Benbrook Blvd. in Benbrook. The property consists of a newly constructed 3,000-square-foot quick service restaurant on a 1.1-acre parcel along State Highway 377. The tenant, Vasari LLC, is one of the largest Dairy Queen operators in Texas. The property is situated between Panda Express and Jack in the Box and is one block from CVS/Pharmacy. The net lease had a new 20-year term commencing on the closing date. Greg Cunha of The Silver Group represented the family trust who was completing a tax-deferred exchange.

May 16, 2016

Loans Multifamily Texas

Dougherty Secures $6.7M Fannie Mae Loan for Apartments in San Antonio

by Haisten Willis May 16, 2016

SAN ANTONIO — Dougherty Mortgage has secured a $6.7 million Fannie Mae loan for the acquisition of Edge Studio Apartments, a 128-unit market rate multifamily apartment property located in San Antonio. The 12-year Fannie Mae loan includes two years of interest-only payments and a 30-year amortization schedule. The loan was arranged for borrower Bluemel 2016 LLC through a partnership with Old Capital Lending and Dougherty’s Vienna, Va. office.

May 16, 2016

Loans Multifamily Texas

BMC Capital Provides $1.7M Loan for Multifamily Property in Dallas

by Haisten Willis May 16, 2016

DALLAS — Brian Gramlich of BMC Capital’s Dallas office has arranged a $1.7 million loan for the cash-out refinance of a multifamily property located in Dallas. The loan featured a 3.5 percent, seven-year fixed rate and a 30-year amortization schedule. The loan was arranged through one of BMC Capital’s correspondent banking relationships.

May 16, 2016

California Retail Western

NGKF Capital Markets Brokers $51M Sale of the Marketplace at Windingwalk in Chula Vista

by Nellie Day May 16, 2016

CHULA VISTA, CALIF. — NGKF Capital Markets has arranged the sale of the Marketplace at Windingwalk, a neighborhood retail center located in Chula Vista’s Eastlake submarket. Zurich Alternative Asset Management acquired the property from Shea Properties for $51 million. Built in 2008 and situated on 9.3 acres of land, the 104,206-square-foot property is located at 1754-2160 Eastlake Parkway. At the time of sale, the property was 96 percent occupied by tenants including Vons Supermarket, In-N-Out Burger, Wells Fargo and Bank of America. Pete Bethea, Rob Ippolito and Glenn Rudy of NGKF Capital Markets represented the seller in the deal.

May 16, 2016

California Office Western

Construction Begins for Santa Monica Gateway Office Project

by Nellie Day May 16, 2016

SANTA MONICA, CALIF. — Construction has commenced on Santa Monica Gateway, a 200,000-square-foot creative office campus in Santa Monica. The project will be located at 2834 Colorado Ave. The property offers 10,600- to 36,000-square-foot floor plates in a two-building, four-story campus with a three-level subterranean garage. The campus will be ready for occupancy in late 2017. DRDS and Gruen Associates are designing the project. JLL’s Carl Muhlstein and Tom Cherry are leading the leasing efforts. The firm is also handling project and development management.

May 16, 2016

California Industrial Western

LBA Realty Buys Distribution Building in Fremont for $28.5M

by Nellie Day May 16, 2016

FREMONT, CALIF. — LBA Realty has purchased a 177,041-square-foot manufacturing and warehouse distribution building in Fremont for $28.5 million. The facility is located at 5555 Auto Mall Parkway, directly across from Pacific Commons Shopping Center and one block from Interstate 880. Synnex Corp. occupies the space. The seller is Sean Pathiratne, owner of LS Auto Mall. Greig Lagomarsino and Nick Ousman of Colliers International and CBRE’s Brian Matteoni executed the transaction.

May 16, 2016

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